turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

franky1
New Member

I overfunded $725 to my HSA in 2018 and have spent all to pay for medical bills in 2018. How can I withdraw the overfund if my account has $0 balance?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
MarilynG
Expert Alumni

I overfunded $725 to my HSA in 2018 and have spent all to pay for medical bills in 2018. How can I withdraw the overfund if my account has $0 balance?

If you are unable to remove the excess HSA contribution, you will pay a 6% penalty on the $725.

If you were able to remove it, you would still pay tax on the entire amount of $725, and you can leave the excess contribution in your account (which you have already used anyway).

You may want to adjust your 2019 contributions to consider that you already have a 'balance' of $725, so you don't over-contribute next year.

Make sure the 'excess' is not caused by you entering your contribution amount, and TurboTax also automatically picking it up from your W-2.  This is often the cause of 'excess contributions'.

Here's more info:

https://ttlc.intuit.com/replies/4788059

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
franky1
New Member

I overfunded $725 to my HSA in 2018 and have spent all to pay for medical bills in 2018. How can I withdraw the overfund if my account has $0 balance?

I funded $1300 to my HSA in 2018 but I quitted my job in Feb and had HDHP with my previous employer for 2 mo. Turbotax determined that I overfunded $725. I don’t have HDHP and HSA account with my current employer so I am not able to contribute any funds to this HSA account anymore this year and in the future. Is there anything else I can do to fix the overfund? Is it possible I can just pay tax of $725 since I have used up the funds?
MarilynG
Expert Alumni

I overfunded $725 to my HSA in 2018 and have spent all to pay for medical bills in 2018. How can I withdraw the overfund if my account has $0 balance?

Yes, the penalty will be automatically figured into your return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies